Most European stocks closed higher after a choppy session

Most European stocks closed higher after a choppy session

In Madrid, the Ibex 35 index closed up 0.96%, at 8,176.10 points. In the weekly comparison it fell by 0.82%.

Europe’s major stock markets posted gains for the most part, with the modest exception of London. The opening was negative and there was volatility on Friday, July 1, but the indices of these major exchanges managed to rise, on the first day after the end of the worst quarter since 2020 for the Stoxx 600 Index.

The pan-European Stoxx 600 Index, which includes other markets in the region, closed 0.02% lower at 407.13 points. In a weekly comparison, it is down 1.40%.

A negative opening points to an extension of the previous quarter’s weakness, with fears of a recession on the radar, but even in the early hours of trading, the continent’s major bourses took on a positive tone, even with limited momentum.

On the docket of indicators, the Eurozone Manufacturing PMI fell from 54.6 in May to 52.1 in June, the lowest level in 22 months, according to S&P Global. Analysts expected the primer to maintain 52.0. In Germany, the manufacturing PMI touched a 23-month low and in the UK, a two-year low.

Also on Friday, the Eurozone CPI was reported to hit a record 8.6% in June, YoY, above expectations.

For Oxford Economics, eurozone consumer inflation should have peaked in the second quarter, but Friday’s CPI reading increases pressure on the European Central Bank to raise interest rates. The consultancy expects the European Central Bank to decide to raise it by 25 basis points this month.

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On the other hand, Commerzbank believes that with the index on Friday, the rise this month could exceed 25 basis points. The German bank also says, for it, that inflation did not peak last month.

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On the London Stock Exchange, the FTSE 100 index closed down 0.01% at 7,168.65 points. For the week, it fell 0.56%. Glencore was under pressure on Friday, in a negative trip for copper, falling 4.21%.

In Frankfurt, the DAX index rose 0.23% to 12813.03 points. In the weekly comparison, there was a decrease of 2.33%. Deutsche Bank was the most heavily traded stock, down 3.19%, but E.ON was up 2.42% and TUI was up 3.11%.

On the Paris Stock Exchange, the CAC 30 index advanced 0.14% to 5,931.06 points. During the week it lost 2.34%. Among the local highlights, Airbus shares rose 3.02% after China Southern Airlines announced the purchase of 96 A320 models from the company.

The FTSE MIB index, on the Milan Stock Exchange, rose 0.29% to 21,354.65 points, but with a weekly loss of 3.46%.

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In Madrid, the Ibex 35 index closed up 0.96%, at 8,176.10 points. In a weekly comparison, it is down 0.82%.

On the Lisbon Stock Exchange, the PSI index rose 0.12% to 6051.75 points. In the week, it showed a 0.35% improvement.

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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